Thursday 09 May 2024
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KUALA LUMPUR (Dec 20): Ecobuilt Holdings Bhd’s wholly owned subsidiary Eko Bina Sdn Bhd has been awarded RM23.16 million after it obtained an adjudication decision in its favour in its case against Golden Wave Sdn Bhd.

Eko Bina initiated the legal action on Aug 10 over a payment dispute relating to a serviced apartment and retail units project in Kota Kinabalu, Sabah.

To recap, in January 2021, Golden Wave awarded a RM166.37 million contract to Eko Bina, previously known as E&J Builders Sdn Bhd, as the main contractor for the project, which is located along Jalan Wawasan in Sabah's capital city.

In a filing on Wednesday (Dec 20), Ecobuilt said that Golden Wave is required to pay an adjudicated sum of RM23.16 million as payments due and owing to Eko Bina.

Golden Wave also has to bear the costs of adjudication of RM61,289 and the legal costs of RM30,000 for Eko Bina. All the costs must be paid within 30 days from the date of the adjudication decision (Dec 12).

However, if Golden Wave fails to pay all the costs within the stipulated duration, it has to pay all the costs with a 5% interest per annum from the expiry date of the payment until the date of full and final settlement.

At market close on Wednesday, shares in Ecobuilt finished unchanged at seven sen, valuing the group at RM29.45 million. The stock has declined 36.36% year to date.

Edited ByIsabelle Francis
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